Michael Don owns an equipment hire business under the name Safety Hire. Financial data for Safety Hire as of 30 June 2019 are shown as below:.

Account Balance ($)
Accounts receivable 73,000
Wages expense 78,000
Equipment hire income 200,000
Advertising expense 32,000
Prepaid insurance 9,000
Accounts payable 88,000
Insurance expense 7,000
Cash at bank 48,000
Equipment 190,000
Michael Don, capital ?


a) Prepare an income statement for the business for the year ending 30 June 2019.
b) Prepare a balance sheet in narrative format for Safety Hire as at 30 June 2019.
c) Prepare a statement of changes in Equity for the year and determine Michael Don’s capital at 30 June 2018?

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